Oil soars to US$119 after supply cut via @cmswire

A service station in the US added an explanation of the situation in the Middle East on its signboard below its petrol and diesel prices on Wednesday. Crude prices shot up to a 30-month high yesterday after Libya cut supply amid escalating violence and unrest in the country. -- PHOTO: ASSOCIATED PRESS OIL prices shot up to their highest level in 30 months on Thursday after Libya cut supply amid escalating violence and unrest in the country. Crude rose by as much as 7.5 per cent in trade to US$119 (S$152) a barrel before settling at around US$116. The trigger was news that Libya has cut about a quarter of its output of 1.6 million barrels a day. The price spike on oil markets has increased fears that a sustained period of pricier crude could derail the global economic recovery and hit Singapore in the form of higher prices. Oil prices have soared almost 21 per cent in the p...